Video Transcript
There is a new housing bill for first-time home buyers with bipartisan support that will lower mortgage insurance premiums by 25 basis points - 0.25% - just for completing HUD-certified financial counseling. That would put $50 back per month in the budget for eligible buyers on a $250,000 mortgage. That's almost $20,000 saved over 30 years of the loan just for completing financial education. And that is a good deal for buyers, for lenders, and for the market overall because when people do pre-purchase counseling before buying a home, they're one-third less likely to fall behind on the mortgage in the future. That is a good stat. I like that stat. We've got full coverage of the bill, HR 6125 - the Housing Financial Literacy Act - it's on the site along with all the housing bills we're tracking. Check it out. I'm Dan with Homebuyer.com. Happy homebuying.
Mortgage Discounts For Taking Homeownership Counseling Classes
A new bipartisan housing bill, HR 6125, will reduce mortgage insurance premiums by 0.25% for first-time home buyers who complete HUD-certified financial counseling. This could save eligible buyers approximately $50 per month on a $250,000 mortgage, totaling nearly $20,000 over 30 years.
Video Transcript
There is a new housing bill for first-time home buyers with bipartisan support that will lower mortgage insurance premiums by 25 basis points - 0.25% - just for completing HUD-certified financial counseling. That would put $50 back per month in the budget for eligible buyers on a $250,000 mortgage. That's almost $20,000 saved over 30 years of the loan just for completing financial education. And that is a good deal for buyers, for lenders, and for the market overall because when people do pre-purchase counseling before buying a home, they're one-third less likely to fall behind on the mortgage in the future. That is a good stat. I like that stat. We've got full coverage of the bill, HR 6125 - the Housing Financial Literacy Act - it's on the site along with all the housing bills we're tracking. Check it out. I'm Dan with Homebuyer.com. Happy homebuying.
